Standard Life Investments Property Income Trust has completed the sale of a single-let office building in Staines, Surrey.
The 26,300 sq ft Bourne House was sold for a net price of £10.7m after deducting the value of the outstanding rent-free period, reflecting an equivalent yield of 5.7%.
The property had recently been relet after SLIPIT took a surrender of the previous tenant’s lease, and let the whole property for 10 years at a rent of £715,000 per year.
Jason Baggaley, fund manager of SLIPIT, said: “We decided to dispose of the asset after completing the successful asset management which maximised the return on the asset. We will look to reinvest the sales proceeds into a higher yielding asset that offers better future performance prospects for the company.”
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